HomeBuy Direct arrives at Festival in Bridgwater

Thanks to a major new Government initiative, buyers can now move into a brand new home for just 70 per cent of the purchase price at Barratt’s Festival development in Bridgwater.

Buyers who are accepted for the HomeBuy Direct scheme only have to find 70 per cent of the purchase price on a new home. The other 30 per cent is funded by a joint equity loan from Barratt and the Government’s Homes and Communities Agency (HCA).

Louise Terry, Barratt sales manager, said: “At Festival, current availability under HomeBuy Direct includes three bedroom homes and we are expecting demand to be high from buyers taking advantage of this scheme.’’

Barratt is backing HomeBuy Direct with a total of 3,000 allocated homes nationwide.

Louise continued: “People who have been priced out of the housing market for years see this is an outstanding opportunity to buy a new, lower 2009 priced home. The 30 per cent equity loan from Barratt and the government means that, in some cases, they don’t even need to have a deposit.”

Colin Molton, Homes and Communities Agency regional director for the South West, said: “In the current climate it’s important that we help a range of people find the best housing option to suit them, and simultaneously help stimulate the building of new homes. HomeBuy Direct, with our £400 million investment, is just one way in which we’re doing this and it is proving extremely popular.”

The scheme is open to first-time buyers, key workers and others who are currently renting. People who have previously owned a home but are now unable to do so can also apply.

Households eligible will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market. There is no interest to pay on the equity stake for the first five years, although a small fee will be charged from year six onwards.

Buyers can redeem the loan in instalments, purchasing up to 100 per cent of the equity after their initial purchase by buying additional equity at the market rate. Alternatively, if they sell their home, the equity loan is repaid by way of a proportionate share of the sale proceeds.

Festival is located in a prime position just a short walk from the town centre and there is a canal and tow path close to the site. Bridgwater has recently been the focus of regeneration and offers a variety of shops and amenities.

Nearby towns include Taunton, Weston and Street, with its famous Clarks’ Shopping Village. Commuting is easy as the M5 motorway offers speedy access to Bristol, Taunton and Exeter.

For further details visit the Festival sales office, open seven days a week from 11am to 6pm, or log onto barratthomes.co.uk.